Abstract
In many inventory situations, purchasers are allowed an interest-free credit period to pay for the goods bought. Depending on the length of that period, the purchaser can earn interest on the sales of the inventory. In this paper, a deterministic economic order quantity (EOQ) inventory model is developed with time dependent demand under permissible delay in payment. The cost parameters are taken as hybrid numbers (parameters are fuzzy number as well as random variables). This study shows that the optimal values of order quantity and number of cycles for this inventory model. Numerical example is presented to illustrate the model and sensitivity analysis has been done with the variation of demand parameters on optimal cost.
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